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If my deductions are greater than my income and no taxes were withheld, does that mean I get nothing returned?
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June 3, 2019
10:15 AM
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Get your taxes done using TurboTax
Not all deductions (such as Medical) count at 100%.
June 3, 2019
10:15 AM
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Unless you are eligible for what are called refundable credits, basically the Earned Income credit or part of the American Opportunity credit, you can only get a return for tax withheld. With zero withholding, no refund. If you have a loss on your business, that loss may be partly or all deducted against any other income to reduce your tax owed
June 3, 2019
10:15 AM
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Just a note that you are required to claim all of your self-employment income and expenses.
June 3, 2019
10:15 AM
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Get your taxes done using TurboTax
And if you have a negative taxable income then you may have a Net Operating Loss to deal with.
June 3, 2019
10:15 AM